| Purchasing real estate in Panama can be a profitable, | | | | with a senior official on the Board. He informed me |
| satisfying experience. The country is far more | | | | that this particular Panama real estate agent had four |
| advanced than Costa Rica, but real estate prices (in | | | | other complaints against her, involving millions of dollars. |
| general) are far lower. Foreigners have the same | | | | The Board had not yet investigated any of these |
| property rights as Panamanian citizens, and if you | | | | complaints, but he assured me that they would “get |
| purchase your real estate through a corporation (very | | | | around to it very soon.” Bottom line – she is still |
| easy to set up) you will be exempt from property | | | | out there ripping off unsuspecting foreigners, and will |
| taxes for 20 years. | | | | probably continue doing so for the foreseeable future. |
| However, you need to be very careful when buying | | | | So what is one to do? It’s fairly simple; make sure |
| property through a real estate agent. Fraud is rampant | | | | that you either work directly with the landowner or |
| throughout Panama, and little is being done to stop it. In | | | | with a foreigner who is already developing a project, |
| 1999 the Real estate Technical Board (Junta Technica | | | | with no intermediaries. I personally know several |
| de Bienes Raices) of the Republic of Panama was | | | | “gringos” in my area of the Azuero Peninsula |
| formed. Supposedly this government agency has the | | | | who are working on various projects, and none of |
| power to consider complaints arising from any real | | | | them used an agent for their real estate property |
| estate transaction, and to impose any sanctions that | | | | purchase. If you don’t speak Spanish I can help you |
| are deemed necessary. This includes anything from a | | | | with translation services, as well as guiding you through |
| reprimand up to a revocation of an real estate | | | | the entire process of purchasing property and real |
| agent’s license, so they can no longer sell property | | | | estate in Panama. Feel free to contact me at and I |
| in Panama. This all looks good on paper, but in fact the | | | | would be happy to help you in any way I can. |
| Board has proven to be almost completely impotent in | | | | About The Panama Collection |
| stopping real estate fraud in Panama. | | | | Stafford Industries has scoured Central America to |
| Case in point: my first real estate property purchase in | | | | find the best value in real estate investments. After |
| Panama was done through a company called Great | | | | years of research, Panama was selected for its |
| Land Panama. The owner of the company, Khadine | | | | pristine beauty and relatively undiscovered land. |
| Smith, defrauded me out of thousands of dollars when | | | | Once you make the decision to own a piece of |
| she charged a 30% commission. She then turned | | | | paradise, why not make it complete with your custom |
| around and stole $20,000 from the landowner, by not | | | | dream home? It would be our pleasure to help you |
| paying him the price that was in his contract. | | | | every step of the way from lot selection through final |
| I had to talk with five attorneys before I could even | | | | construction. We are bi-lingual in both English and |
| find one who knew how to file a formal complaint with | | | | Spanish. Phase 1 development is currently underway |
| the Real estate Board. The complaint was filed in May | | | | and offers fantastic pricing to those who act now. This |
| of ’08, after which I heard nothing for more than six | | | | 102-acre project features 16 oversized lots ranging in |
| months. Finally in Dec ’08 I was able to get in touch | | | | size from 3 to 12 acres. |